Özet:

Even though the stock investments take the risk, investors take this risk and invest. When investing in stock markets, due to potential volatilities in stock markets, investors can invest in valuable mines they see as a safe port. The aim of the study at this point is to econometrically analyze the relationship between the VIX volatility index and the valuable mines (Gold, Silver, Platinum and Paladium). In this framework, VIX volatility index, which covers periods between 10.01.2014 and 02.01.2020 and valuable mines daily data (1484 Observations) were used. First of all, the Lee Strazicich unit root test, which did not ignore the structural breakdown to test the durability of the series, was used. The sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence of the sequence. According to the results of the Toda-Yamamoto causality test, the VIX volatility index variable found a causality ratio at the 5% significance level to the gold, paladium and platinum variables, while no causality ratio to the silver variable was found. In gold, paladium, platinum, and silver, there is no causal relationship at the 5% significance level to the VIX volatility index.

Anahtar Kelimeler:

Özet:

Although stock investments involve risks, investors invest by taking this risk. While investing in stocks, investors can invest in precious metals, which they see as a safe haven, due to possible fluctuations in stock markets. At this point, the aim of the study is to econometrically analyze the relationship between the VIX volatility index and precious metals (gold, silver, platinum and palladium). In this context, VIX volatility index covering the periods between 10.01.2014 and 02.01.2020 and precious metals daily data (1484 Observations) were used. First of all, Lee Strazicich unit root test, which does not ignore structural breakage, was used to test the stationarity of the series. After the stationarity test, the causality relationship between the series was analyzed by the Toda-Yamamoto causality test. As a result of the study, according to the results of the causality test of Toda-Yamamoto (1995), a causality relationship was found at the 5% significance level from the VIX volatility index variable to the gold, palladium and platinum variables, while no causality relationship was found towards the silver variable. A causality relationship was not found at the 5% significance level towards VIX volatility index variable from gold, palladium, platinum and silver variables